Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.021%

Price spread now: Bybit against gTrade (Gains Network)+0.091%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on gTrade (Gains Network)Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bybit is 0.091% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) OP/USD	0.1273	L +0.0004% / S −0.0004%	pay 0.0001% / 1h	16m 04s	—	—	150x
Short	Bybit OPUSDT	0.1274	0.0100	get 0.0100% / 8h	7h 16m	$18.5M	$26.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against gTrade (Gains Network). Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee gTrade (Gains Network)bpFee BybitbpOrdersPrice spread, now +0.091%Rate

Funding earned: $20.06
Price spread: +0.091% → 0.000%: $9.11
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $8.17
Costs to cover: 0.210%
Break-even: 4.1 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Bybit: live order book, 3 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Bybit live order book, 3 min ago	0.40 bp	10.7 bp −$11	28.1 bp −$281	119.7 bp −$12.0K	doesn't fit

gTrade (Gains Network): no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

OP on 30 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective OP/USDC PERP	−0.1656%	1h	0.1256	−1.315%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1273	+0.024%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1270	−0.215%	$21K	$70K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1269	−0.309%	$39K	$519	10x	as long as short
gTrade (Gains Network) OP/USDlong	L +0.0004% / S −0.0004%	1h	0.1273	long leg	—	—	150x
Variational Omni OP	+0.0051%	8h	0.1271	−0.144%	$232K	$46K	—	as long as short
Orderly PERP_OP_USDC	+0.0058%	8h	0.1273	+0.020%	$6K	$48K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1275	+0.185%	$285K	$950K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1276	+0.233%	$4.0M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1274	+0.084%	$213K	$236K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance OPUSDT	+0.0100%	8h	0.1274	+0.132%	$20.6M	$61.9M	75x	as long as short
Bybit OPUSDTshort	+0.0100%	8h	0.1274	+0.091%	$18.5M	$26.0M	75x
OKX OP-USDT-SWAP	+0.0100%	8h	0.1274	+0.075%	$6.2M	$30.3M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1273	+0.036%	$2.0M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1274	+0.099%	$20.2M	$7.4M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1273	+0.020%	$2.9M	$7.1M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1276	+0.256%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1273	+0.020%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1274	+0.083%	$123K	$188K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1262	−0.879%	$4K	$391K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1261	−0.896%	$305K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1262	−0.844%	$43K	$725K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1274	+0.091%	$170	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1272	−0.027%	$176K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1275	+0.170%	$107K	$389K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1274	+0.078%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1265	−0.577%	$1.0M	$276K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0381%	1h	0.1275	+0.178%	$805K	$755K	20x	as long as short
Reya OPRUSDPERP	+0.0439%	1h	0.1272	−0.051%	$707	—	20x	as long as short
Deribit OP_USDC-PERPETUAL	+0.0536%	1h	0.1274	+0.099%	$42K	$167K	25x	as long as short